Senior Manager Credit Risk

EQ Bank | Canada's Challenger Bank; Toronto; Hybrid; CAD 150,000 - 210,000; Full time

Benefits offered by this job

Competitive discretionary bonus

RRSP match program

Medical, dental, vision, life, and ADP

Job summary

EQ Bank | Canada's Challenger Bank is seeking a Senior Manager, Credit Risk to lead the development and oversight of credit risk strategies and second-line controls across commercial portfolios. You will guide underwriting practices, ensure AIRB compliance, and shape risk-mitigation frameworks for CSV facilities.

You will manage a Credit Risk Team, partner with senior stakeholders, and drive risk-aware decision making in a hybrid work model based in Toronto.

Qualifications

• Minimum 10 years lending experience across commercial, retail, and real estate lending.
• Post-secondary degree in business or finance; CFA/MBA or accounting designation preferred.
• Strong leadership, strategic thinking and outstanding communication skills.
• Deep understanding of underwriting, real estate valuation techniques, and financial statement analysis.
• Ability to manage multiple priorities in a high-volume environment.

Responsibilities

• Lead the Commercial Credit review process in line with policies to ensure sound underwriting.
• Review and adjudicate CSV loans within lending guidelines.
• Develop and enhance CSV policies for a robust credit framework.
• Provide risk input into new initiatives and market opportunities; support business cases for approvals.
• Oversee second-line credit risk management across BFC and CSV products.

Skills

Leadership

Strategic thinking

Communication

Financial analysis

Underwriting knowledge

Education

Business/Finance degree; CFA/MBA/Accounting designation

Job description

Join a Challenger

At EQ, we’re remaking banking so every Canadian gets ahead, every day. Serving nearly 4 million Canadians from coast to coast, we offer a wide variety of financial services from banking and lending, to trust and credit union solutions.

We’ve been at this since 1970, challenging the conventions of traditional banking with smarter, faster, and more connected financial experiences.

What’s kept us moving?

The people behind it all: challengers who ask better questions, push back on old assumptions, and look for a better way forward.

If you’re driven to help reshape how banking works for Canadians and the businesses that power our economy, this could be your next big opportunity.

We can’t wait to get to know you!

The Work

The Senior Manager, Credit Risk, reports to the Director, Credit Risk Management, and supports the Director, Credit Risk Management, and other Senior Management with respect to the management of all aspects credit risk across the Bank. The Senior Manager, Credit Risk, will also be responsible for assisting in the development of credit risk strategies and leading the second line oversight of various loan portfolios with the objective of maintaining high quality lending strategies and the implementation of risk mitigation strategies.

The Senior Manager, Credit Risk, will lead the Commercial Credit review oversight process in order to ensure that underwriting parameters are being followed appropriately in line with the Bank’s policies and AIRB requirements. Another key aspect of the role is involvement in the approval and/or recommendation of Cash Surrender Value (CSV) credit facilities to ensure that the criteria falls within the Company’s lending and regulatory requirements. The role is also responsible for leading second line credit risk oversight of the Bennington Financial Corporation (BFC) division.

The position is also accountable for managing the Credit Risk Team and key relationships, both internal and external, that have credit related responsibilities or impacts.

The Core Responsibilities

Credit:

• Lead the Commercial Credit review process in line with the relevant policies and procedures in order to assess the soundness of underwriting procedures and processes, and determine if they are being followed. This includes a specific focus on risk rating assignments in order to ensure they are conducted in accordance with the Bank’s rating policies.

• Review and adjudicate (or recommend if transactions exceed delegated authorities) credits for CSV Loans, ensuring that the request falls within the Company’s lending requirements and guidelines.

• Provide recommendations to the development or enhancements to CSV policies and procedures in order to ensure the creation of and ongoing maintenance of a robust credit framework to support the CSV product suite.

• Provide ongoing recommendations and feedback to ensure the Company maintains adequate credit policies and procedures (with a specific focus on Commercial, BFC and CSV loan products) within the Bank’s risk appetite; recommend modifications to these policies as required to manage risk within prevailing economic conditions.

• Manage the Decision Quality Review (DQR) process to provide the CEO and CRO oversight on deals approved at other delegated authorities. Responsible for identifying themes based on credit or economic metrics. Responsible for follow-up and resolution with Credit.

• Lead the oversight of the management of the credit functions across the business lines to ensure that credit policies are adhered to in the organization.

• Provide ad-hoc reports to the Senior Director, Credit Risk Management, or Senior Management as related to credit risk across the organization.

• Assist in managing the process and risk management aspects of the development of new credit products.

Quality Assurance:

• Provide input in terms of the development and maintenance of programs that support a comprehensive and effective compliance regime with regard to legislation, regulations and internal policies applicable to Commercial Credit.

• Provide support on QA Commercial credit and operational quality reviews to determine whether or not AIRB guidelines are being followed for risk ratings as appropriate..

New Initiatives:

• Where applicable, work with the Director, Credit Risk Management, to support Corporate Development and provide Risk input into the exploration of new market and product initiatives, conduct operational and financial feasibility studies and develop thorough business cases for new business opportunities. Contribute to the review and approval process with Senior Leadership and Board of Directors.

• With Risk Capital & Analytics, provide Risk input into the development of financial models to help validate Credit Risk Assessment of new initiatives, consider organizational impact and returns on regulatory and economic capital.

• Work with Corporate Development and other key stakeholders to ensure proposed initiatives fit within risk appetite of the business and that operational risks and other risks of any initiatives are well controlled.

Bennington Financial Corporation (BFC):

• Lead the credit risk file review process to provide second line oversight of BFC financing activities. Review and summarize files reviewed by Credit Risk staff. Effectively synthesize and communicate themes, key issues and areas of concern to Senior Management on a regular basis.

• Provide insight and recommendations towards the ongoing development and enhancements of credit policies and procedures, including the implementation of best practices where applicable.

AIRB:

• The Senior Manager, Credit Risk will be expected to provide feedback regarding Risk input and oversight into the creation and ongoing maintenance of Internal Ratings Based Risk Rating systems for Commercial, SFR, and new products.

• The Senior Manager, Credit Risk, is expected to continuously review relevant policies and procedures across the business units and make recommendations to evolve and adapt the relevant frameworks in a manner that supports the successful implementation and ongoing maintenance of AIRB processes and procedures.

Let’s Talk About You

• Have a minimum of 10 years of lending experience with expertise in a combination of commercial banking, retail lending including single family mortgages, real estate lending including construction and commercial mortgages, asset based lending or leasing, and portfolio management experience

• Post-secondary education (diploma/degree), preferably in business or finance with a CFA, an MBA or accounting designation

• Demonstrated leadership skills and strategic thinking

• Strong knowledge of Compliance laws and regulations

• Proven ability to thrive in a constantly changing environment and to perform well in a high volume, high intensity environment

• Proven ability to inspire a team to work toward a set of goals and objectives

• Highly developed verbal and written communication skills with the ability to communicate to Senior Management in a clear, concise and professional manner

• Deep understanding of real estate/commercial/asset based underwriting and valuation techniques [NPV (Net present value), IRR (Internal Rate of Return), determination and capitalization of NOI (Net operating Income)], financial statement analysis, secured lending and factors affecting the mortgage market

• Strong analytical and problem solving skills

• Strong organizational and time management skills

• Ability to handle multiple competing priorities is a must

What we offer [For full-time permanent roles]

• Competitive discretionary bonus
• Market leading RRSP match program
• Medical, dental, vision, life, and disability benefits
• Employee Share Purchase Plan
• Maternity/Parental top-up while you care for your little one
• Generous vacation policy and personal days
• Virtual events to connect with your fellow colleagues
• Professional development and comprehensive Career Development program
• A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience

The incumbent will be working hybrid and in office time will be spent working from EQ Bank’s additional office space located at 2200-25 Ontario Street, Toronto, ON.

Equity, Diversity & Inclusion

EQ is committed to building an inclusive, accessible environment where every employee feels valued, respected, and supported. We believe our organization is stronger — and our people thrive — when we honour and celebrate diverse experiences, identities, and perspectives. We’re equally committed to supporting your growth, both professionally and personally.

We provide a barrier‑free recruitment process and work environment. If you require accommodations at any stage, we will work with you to ensure you can bring your best self to the process and beyond.

As part of our recruitment process, EQ uses AI to help screen, assess, and/or select applicants for this position. All AI-enabled outputs are reviewed and validated by our talent team. All candidates considered for hire must successfully complete a criminal background check and credit check. While we appreciate every application, an EQ recruiter will contact only those whose skills and experience most closely match the requirements of the role.

EQB Inc. (TSX: EQB) is the parent company of Equitable Bank, the country’s seventh-largest Schedule I bank by assets, which operates EQ Bank, Canada’s Challenger Bank™. EQB Inc. serves nearly 4 million Canadians and manages approximately $150 billion in combined assets under management and administration.

To learn more, visit eqb.investorroom.com and eqbank.ca.